Global AR-VR in Healthcare Market

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Global AR VR in Healthcare market was valued over USD2748 million in 2021 and is predicted to grow at CAGR of 22.50% through 2027. With the rise in teleconsultation, healthcare facilities worldwide have been substantially working towards augmenting the existing digital & technological setup. Augmented Reality (AR) and Virtual Reality (VR) are two of the many essential technologies being adopted rapidly by the healthcare facilities worldwide with a vision to enhance the overall experience for the patients. Global AR-VR in healthcare market can be segmented into component, device type, application, end use, and region. Based on component, the market is segmented into hardware and software. The hardware segment dominates the global AR-VR in healthcare market. With a market share of 60.01% in the base year 2021, hardware segment is forecast to grow at CAGR of 21.17% in the next five years. Hardware comprises various sub-components such as sensors, processors & ICs, display & projector, position tracker, cameras, etc. Integrating the various sub-components of AR-VR hardware is costly, making hardware a higher revenue generating component than the AR-VR software. Regionally, North America dominated the global AR-VR in the healthcare market in 2021 with a market share of 33.01% and is expected to further influence the market during the forecast period given its excessively huge market size and presence of major companies. Countries present in the region such as United States and Canada are increasing their healthcare budget for the fiscal years and growing utilization of AR-VR in simulation for training medical professionals including doctors and nurses and 3D visualization of diseases is expected to drive the growth of the AR-VR in healthcare market in the region through 2027. Some of the companies operating in the market include Medical Realities Ltd., Koninklijke Philips N.V., Alphabet Inc., Firsthand Technology Inc., Augmedics Ltd., 3D Systems Corporation, HTC Corporation, Samsung Electronics Co., Ltd., Microsoft Corporation and HP Inc.

 

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